News: ONT Abano Healthcare To Acquire 1300Smiles

Aug 24 (Reuters) - 1300 Smiles Ltd (ONT) :

• ABANO HEALTHCARE TO ACQUIRE 1300SMILES
• SHAREHOLDERS OTHER THAN FOUNDER SHAREHOLDERS WILL RECEIVE TOTAL CASH CONSIDERATION OF A$8.00 PER SHARE LESS SPECIAL DIVIDEND
• INTENDS TO DECLARE AND PAY TO ALL SHAREHOLDERS BEFORE SCHEME IMPLEMENTATION DATE SPECIAL DIVIDEND OF UP TO A$0.80 PER SHARE
• FOUNDER SHAREHOLDERS, WHO HOLD ABOUT 59.8% OF CO, WILL RECEIVE CASH CONSIDERATION OF UP TO A$6.33 PER SHARE
• FOUNDER SHAREHOLDERS WILL HAVE RIGHT TO MAKE ELECTION TO RETAIN 26.2% OF SHARES ON TERMS CONTAINED IN RETENTION AND CO-INVESTMENT DEED
• SCHEME CONSIDERATION IMPLIES EQUITY VALUE OF A$166 MILLION
• INDEPENDENT BOARD COMMITTEE CONSIDERS SCHEME IN BEST INTERESTS OF SHAREHOLDERS, UNANIMOUSLY RECOMMENDS